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IBM says it will cut around 1000 jobs from its semiconductor division due to the market downturn, nearly five per cent of the unit's staff. It will also chop 180 jobs from its storage technology unit.

The microelectronics unit produces processors, circuit boards and other chips for various global customers, as well as other IBM units. With a sharp decline in its order book and the timeline for recovery moving into the second half of next year, the unit has been forced to trim its cost-base.

The reductions will be effected in the next one to two months, although the company says it will try to re-employ some of the workers in other business units. IBM currently employs about 320,000 people globally. ®